Alcadon: Raises capital to meet high demand - ABG

Completes a SEK 52.6m directed share issue
4.5% EPS dilution, 4.4% discount to yesterday's close
Proceeds to be used to meet high customer demand


Share issue of SEK 52.6m at SEK 54 per share (4.4% disc.)

Alcadon has completed a directed new share issue, raising proceeds of SEK 52.6m before transaction costs (deal slightly downsized from initial SEK 55m). The price of SEK 54 per share represents a 4.4% discount to yesterday's closing price, and it implies 974,818 new shares, for a dilutive effect on EPS of 4.5%. All else equal, the new proceeds lower '22 YE lease adj. net debt to SEK 309m (down from 361m), roughly 3.4x '22 adj. EBITDA and 1.9x for '23e. The deal also includes a commitment from Alcadon to not issue new shares for the next 180 calendar days, as well as a 90-day lock-up period for the board and senior executives.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/alcadon/Equity-research/2023/3/alcadon---raises-capital-to-meet-high-demand/